The Vero Beach real estate market for single family homes in October 2014 shows that the inventory has slightly increased and it may signal that home owners are looking to take advantage of strong demand for homes on the barrier island. The demand has remained steady for lower priced homes but keeps increasing for homes priced from $500,000 to $650,000.
The following sections provide a detail view of the Vero Beach real estate market on the Barrier Island (zip code 32963) for single family homes.
Vero Beach Real Estate Market Highlights – October 2014
Total home sales for October 2014 were lower than in September. Sale prices continue to appreciate with more sales of higher-end homes in October. We continue having a seller’s market up to $400,000 price range and in some higher price ranges.
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that inventory remains almost at the same level as is scarce in certain areas but still at high levels. The number of homes sold decreased by 11.5% compared to the same period in 2013.
Vero Beach Real Estate Market Statistics – October 2014
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
Notes: (1) This is the average of all 12 months of inventory, (2) This is the average of all 12 months of List Price to Sale Price Ratio & (3) This is the average DOM in 12 month period.
The Vero Beach real estate market report shows that the List (asking price) to Sale Price ratio is a useful statistic that shows the strength of a particular real estate market. The closer the sale price to list or asking price the stronger the market is. The List to Sale price ratio of 90.7% is increasing indicating continued market strength.
The absorption rate or months of inventory of 10 increased in October indicating that it will take longer to sell the remaining inventory unless sales accelerate.
Vero Beach Real Estate Market Analysis – October 2014
In October, 31 single family homes were sold on the island in Vero Beach, 211.5% fewer than the same period in 2013. The decrease in sales can be attributed to low inventory levels for certain areas and price ranges. The market for high priced homes continues strong.Median of sale prices increased by 8% in October compared to the same period last year and the trend remains up as the following chart shows.
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
A Price Range analysis of homes sold versus homes that failed to sell (expired) and the days these homes were on the market (DOM) provides a useful statistic for the overall health of the real estate market on the barrier island (zip code 32963) in Vero Beach. The Vero Beach real estate market chart below presents the number of single family homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold.
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $400,000 to $450,000 price range were sold the fastest with an average of 89 and 104 DOM respectively.
More Vero Beach single family homes failed to sell (expired) than sold above $900,000 price range. Also, homes above $2 Million took the longest to sell with an average of 256 DOM.
We continue seeing interest in waterfront homes. The improved economy and the proliferation of low interest and mortgage rates have definitely changed the public’s sentiment towards housing.
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